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Emirates paper hits Exxon over its pullout in Libya

A United Arab Emirates newspaper has called on oil-producing countries to take a stand against Exxon for pulling out of Libya. Describing the move as unprecedented and grave, the daily Al-Bayan said it requires a serious stand by members of the Organization of Petroleum Exporting Countries.

Exxon, the world's biggest oil company, notified Libya last week that it was relinquishing its concessions there, but gave no reason why.

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The paper noted that Exxon's action coincided with mounting tension in US-Libyan relations. But some oil industry analysts said it could be purely for economic reasons, because the price of Libya's oil was considered too high.